In 2004, real GDP (at 2005 prices) was $12,247 billion. In 2007, it was $13,206 billion. During
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In 2004, real GDP (at 2005 prices) was $12,247 billion. In 2007, it was $13,206 billion. During the same period, the U.S. population rose from 292.9 million to 301.4 million.
a. What was the total percentage increase in real GDP from 2004 to 2007?
b. What was the total percentage increase in the U.S. population over this period?
c. Calculate real GDP per capita in 2004 and 2007.By what percentage did output per person grow over this period?
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1111822354
6th edition
Authors: Robert E. Hall, Marc Lieberman
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